Professor Godfred Bokpin, an Economist and Finance Professor at the University of Ghana has stated the New Patriotic Party (NPP) should be given some credit for Ghana’s cedi stability.
According to him, the Mahama-led NDC government continuing some of the NPP’s policies contributed to the cedi’s resilience.
He asserted that multiple elements are responsible for the Cedi’s performance but the previous NPP government’s post-election economic management made a significant impact.
Speaking in an interview on Citi FM, Professor Godfred Bokpin detailed, “To some extent, the NPP should be given some credit. If you look at the data after December 2024, after the election under the IMF programme, we missed practically all the indicators, except for two”.
One was GDP growth, which was higher than the programme’s target. We ended the year with 5.7%, and the other was our international reserves.
Professor Godfred Bokpin noted that the erstwhile Akufo-Addo government’s efforts, through the Gold-for-Reserves, helped shore up foreign reserves which created a foundation for the Mahama administration to build upon.
“Such policy continuity, especially in the management of foreign reserves, has contributed to the relative stability observed in the foreign exchange market,” Prof Bokpin noted.
In a related development, Sammy Gyamfi the acting CEO of the Goldbod has fired back at Dr Mahamudu Bawumia the former vice president who claimed that the National Democratic Congress (NDC) cannot point out one policy behind the appreciation of the cedi.
The former NPP presidential candidate for the 2024 election rejected ideas that the NDC deserves any credit for the recent gains of the cedi.
According to Dr Bawumia, the Mahama-led NDC government has not implemented a policy that could have contributed to the currency’s performance.
However, in a sharp rebuttal, Sammy Gyamfi has listed the three major policy measures by the NDC-led Mahama government that are aiding the appreciation of the cedi.
In a post on X, Sammy Gyamfi wrote, “
- Stringent monetary policy stance, complemented by aggressive liquidity sterilization by the Bank of Ghana. This was partly achieved through the strategic policy decision by the Bank of Ghana in March 2025, to increase the Monetary Policy Rate by 100 basis points from 27% to 28% and the Open Market operations of the Bank.
- Fiscal consolidation by the Ministry of Finance and the restoration of investor confidence in the Ghanaian economy anchored on fiscal discipline and prudent public finance management.
- Robust forex inflows and accelerated foreign reserve accumulation through unprecedented gold purchases and exports by the PMMC/GoldBod. As well as enhanced foreign exchange inflows from cocoa, remittances among others”.
